Following up on the interview with a top Chinese commercial real estate developer who’s calling for a bubble, econ professor Patrick Chovanec draws attention to a report from Colliers international, which has some fresh numbers on real estate.

This chart, in particular, really stands out. Basically while square-foot luxury prices are surging, rents are only going in one direction: down (see chart below).

We’ve heard, by anecdote, similar stories from China. The middle class are getting into real estate speculation, and they’re buying apartments, but not even renting them out (the prices aren’t worth it, and besides, they don’t want anyone messing up their pristine, mint-condition real estate.

And the chart confirms numbers from another CB Richard Ellis report we’ve seen, which confirms a lethal combo of declining rents and increased prices.